Geneva, Switzerland, 28 November 2023&nbsp;– Transitioning to a more sustainable and carbon-neutral future, $13.5 trillion in investments will be needed by 2050, particularly in the production, energy and transport sectors, according to a new World Economic Forum report.



The&nbsp;Net-Zero Industry Tracker 2023, published in collaboration with Accenture, takes stock of progress towards net-zero emissions for eight industries – steel, cement, aluminum, ammonia, excluding other chemicals, oil and gas, aviation, shipping and trucking – which depend on fossil fuels for 90% of their energy demand and pose some of the most technological and capital-intensive decarbonization challenges.



The report, published the same week as the United Nations called at COP28 for “dramatic climate action” to close an “emissions canyon”, outlines pathways to accelerate the decarbonization of emission-intensive production, energy and transport industries.&nbsp;While the pathway to net zero in these sectors will differ based on unique sectoral and regional factors, investments in clean power, clean hydrogen and infrastructure for carbon capture, utilization and storage (CCUS) will be needed to accelerate industrial decarbonization across most sectors.



“Decarbonizing these industrial and transport sectors, which emit 40% of global greenhouse gas emissions today, is essential to achieving net zero, especially as demand for industrial products and transport services will continue to be strong,” said Roberto Bocca, Head of Centre for Energy and Materials, World Economic Forum. “Significant infrastructure investments are required, complemented by policies and stronger incentives so industries can switch to low-emission technologies while ensuring access to affordable and reliable resources critical for economic growth.”



According to the report, the $13.5 trillion in investments is derived from average clean power generation costs of solar, off-shore and on-shore wind, nuclear and geothermal, electrolyzer costs for clean hydrogen and carbon transport, as well as storage costs.



The Net-Zero Industry Tracker proposes a comprehensive framework of emissions drivers and enablers to measure progress and identify gaps, scorecards for each industry, and opportunities for cross-sector collaboration. Building on the 2022 edition, the updated report includes transportation sectors and applies the framework to identify strategies for net-zero industrial transformation.



The report’s findings underscore the urgency for creating a robust enabling environment, including low-emissions technologies, infrastructure, demand for green products, policies and investments. In addition to increasing capital expenditures to decarbonize existing industrial and transport asset bases, further investment is needed to build a clean-energy infrastructure.



Share of global GHG emissions for heavy industrial and transport sectors



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="956" height="856" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph.jpg" alt="W" class="wp-image-430686" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph.jpg 956w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph-300x269.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph-820x734.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph-101x90.jpg 101w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/WEF_Image_Graph-768x688.jpg 768w" sizes="(max-width: 956px) 100vw, 956px" /></figure>



The majority of the technologies needed to deliver net-zero emissions are expected to reach commercial maturity after 2030, highlighting the need for collaborative approaches to research, develop and scale them. This includes substituting legacy technologies with low-emission alternatives, increasing efficiency of processes and machinery, electrification and driving circularity.



“It is imperative that action is taken soon to both decarbonize and improve energy efficiency; otherwise, unabated fossil-fuel demand in the key industry sectors, which have grown 8% on average the past three years, will increase very significantly by 2050,” said Bocca. “But industrial leaders can&nbsp; respond through new collaborative ways of working and innovating, for example within&nbsp;<a href="https://weforum.us3.list-manage.com/track/click?u=6308fe51b420dc9ff3834abc8&amp;id=5e48b8e30b&amp;e=d66be97e93">industrial clusters</a>&nbsp;and by fostering best practices, sharing infrastructure in important areas like clean hydrogen and CCUS and building &nbsp;demand for lower-emissions products.”



According to the report, carbon pricing, tax subsidies, public procurement and development of strong business cases can support in mobilizing necessary investments. However, raising capital for high-risk projects with unproven technologies could be challenging in the current macroeconomic environment. Institutional investors and multilateral banks, therefore, can play an important role by providing access to low-cost capital linked to emissions targets; equally vital is adapting financial models to the needs of various industries and regions.



“Collaboration between the public and private sectors is critical to a successful energy transition, and technology can be a key enabler in both managing affordable and reliable access to clean energy and addressing the incremental cost of decarbonization,” said Muqsit Ashraf, who leads&nbsp;<a href="https://weforum.us3.list-manage.com/track/click?u=6308fe51b420dc9ff3834abc8&amp;id=095135a5bd&amp;e=d66be97e93">Accenture Strategy</a>. “Widespread scaling and adoption of clean power, carbon capture and storage, and energy efficiency technologies across sectors are vital for progress. Additionally, business model innovations can also help stimulate demand and accelerate industrial decarbonization — achieving&nbsp;<a href="https://weforum.us3.list-manage.com/track/click?u=6308fe51b420dc9ff3834abc8&amp;id=08ae963912&amp;e=d66be97e93">net-zero objectives</a>&nbsp;and a resilient energy transition.”



The report acknowledges that recent policy developments can push the industrial net-zero transformation in the right direction. While some advanced economies are enacting large-scale policy measures, emerging economies – which will account for a larger share of future demand for industrial products and transport services – will need help accessing low-emission technologies and solutions.



The report also calls for industrial sectors to focus on the following five areas, and details specific actions for each of the sectors as part of its individual scorecard:



<ul>
<li>Technology&nbsp;– Prioritize clean power technology across most sectors, commercially scale CCUS in cement, and improve technology to reduce costs for clean hydrogen development.</li>



<li>Infrastructure&nbsp;– Promote shared infrastructure, such as industrial hubs and clusters.</li>



<li>Demand&nbsp;– Create a standardized framework for low-emissions products, a simple emissions-intensity calculator and an auditable carbon-footprint assessment process, improving consumer transparency.</li>



<li>Policy&nbsp;– Align on emissions reduction requirements globally, with policies customized to suit individual country needs and enhance market transparency to increase emission intensity visibility.</li>



<li>Capital&nbsp;– Improve transparency for low-emissions and low-carbon alternatives, strengthen demand signals and reduce capital expenditures through shared infrastructure development.</li>
</ul>



“The Net-Zero Tracker 2023 explores in detail how low-carbon solutions and infrastructure will contribute to increasing the pace of decarbonization in hard-to-abate industries,” said Stephanie Jamison, Accenture’s global Resources industry practice lead and global sustainability services lead. “This depth is essential to help companies create sustainable value and impact as they strive to achieve net-zero carbon emissions.”

power-station-pollution-energy-electricity

Net-Zero Industry Tracker: $13.5 Trillion Investment Needed to Fast-Track Decarbonization of Key Hard-to-Abate Industry Sectors 

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg" alt="" class="wp-image-424734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management.jpg 1200w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Stock</figcaption></figure>



Nov 23 (Reuters)&nbsp;&#8211;&nbsp;Most emerging markets stocks edged up on Thursday and currencies were steady in holiday-thinned trade, though investors geared up for monetary policy decisions from Turkey and South Africa.



Turkey&#8217;s lira&nbsp;TRYTOM=D3&nbsp;was little changed at 28.82 against the dollar ahead of the local central bank&#8217;s interest rate decision where economists largely expect a 250 basis points raise to 37.5%. The decision is due at 1100 GMT.



&#8220;The one-week repo rate will likely peak around 40%,&#8221; said Bartosz Sawicki, market analyst at Conotoxia fintech.



&#8220;The Turkish central bank might opt to reduce the pace of rate hikes as the annual inflation rate inched lower in October and external price pressure dynamics have turned a tad more favorable.&#8221;



The lira has weakened more than 30% since the late-May election which was followed by a subsequent loosening of controls on the foreign exchange market and a pivot to more orthodox monetary policy.



Turkish stocks&nbsp;.XU100&nbsp;were up 0.6% during the session and have gained more than 75% since the vote.



More broadly, MSCI&#8217;s index tracking developing markets stocks&nbsp;.MSCIEF&nbsp;climbed 0.4%, hovering near a two and-a-half month high hit earlier in the week, while a basket of currencies&nbsp;.MIEM00000CUS&nbsp;inched up 0.1% against the dollar at 1005 GMT.



Trading worldwide was expected to be quiet due to the Thanksgiving holiday in the U.S.



In focus later in the day will also be an interest rate decision in South Africa, where economists largely expect the local central bank to hold borrowing costs steady at 8.25% at 1300 GMT.



Uncertainty remains on the outlook for monetary policy after data on Wednesday showed&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3CN1SC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">inflation rose unexpectedly in October</a>, nearing the top-end of the regulator&#8217;s target range.



Also in Africa, Kenya&#8217;s President William Ruto said the government was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3CO0EJ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">poised to privatise 35 state companies</a>&nbsp;and was looking at a further 100 firms after enacting a law last month to cut down on bureaucracy.



Meanwhile, a Reuters poll of equity strategists believe&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3CN34A&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">India&#8217;s stock market will hit new highs</a>&nbsp;in the next six months and rise over 10% from here by end-2024, driven by a sustained expansion in the fastest-growing major economy.



Moves on the south Asian country&#8217;s blue-chip indexes Nifty 50&nbsp;.NSEI&nbsp;and Sensex&nbsp;.BSESN&nbsp;were subdued on Thursday, however they have gained nearly 10% year-to-date.



Russia&#8217;s rouble&nbsp;RUBUTSTN=MCX&nbsp;strengthened, trading at 88.17 to the dollar and&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3CO0DC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">was heading towards a near five-month high</a>&nbsp;hit earlier this week, helped by month-end tax payments, exporters&#8217; forced foreign currency sales and high interest rates.



(Reporting by Johann M Cherian in Bengaluru, Editing by William Maclean)

Investment-management

Stocks climb higher; Turkey, South Africa central bank decisions on tap

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



Nov 22 (Reuters)&nbsp;&#8211;&nbsp;Emerging markets stocks and currencies took a breather on Wednesday after a recent rally, while investors parsed South Africa&#8217;s inflation report and Israeli stocks and bonds gained on hopes of a temporary lull in the war with Hamas.



MSCI&#8217;s basket of developing markets currencies&nbsp;.MIEM00000CUS&nbsp;weakened 0.4%, while the index tracking equities&nbsp;.MSCIEF&nbsp;dipped 0.5% by 0926 GMT.



EM currencies had six straight days of gains and had hit an over one-and-a-half-year high on Tuesday on hopes that U.S. rates had peaked.



Also spurring some caution were minutes from the U.S. Federal Reserve&#8217;s last policy meet where policymakers said they would proceed &#8220;carefully&#8221; and only raise interest rates if progress in controlling inflation faltered.



South Africa&#8217;s rand ZAR= slipped 0.5% and stocks .JTOPI gained 1.1% after data showed headline consumer inflation, rose to 5.9% on an annual basis in October from September.



But the reading was still marginally below the higher end of the domestic central bank&#8217;s target range of 3% to 6%, leaving investors jittery ahead of an interest rate decision on Thursday where economists largely expect rates to be on hold.



&#8220;Food and transport (fuel) have once again lead local CPI inflation higher&#8230; (and) might create some angst for tomorrow&#8217;s interest rate decision by the SARB (South African Reserve Bank),&#8221; Shaun Murison, senior market analyst at IG markets said.



&#8220;There is however still a slight chance that the SARB will raise by another 25 basis points although this is not our base case.&#8221;



Meanwhile, the blue-chip Tel Aviv 35 index .TA35 rose 0.7% and government bond prices rose as much as 0.4% after Israel&#8217;s government and Hamas agreed to a four-day pause to over of a month of fighting that had the world on edge.



The local shekel&nbsp;ILS=&nbsp;however, dipped 0.4%.



&#8220;A ceasefire is a step forward but it is temporary and does not suggest that an end to the conflict is imminent,&#8221; said Hasnain Malik, head of equity research at Tellimer.



India&#8217;s rupee INR=IN strengthened nearly 0.1% and was last trading at 83.32 as the currency got a boost by IPO-related inflows.



Sri Lanka&#8217;s benchmark index .CSE edged up 0.4% and the country&#8217;s dollar bonds gained after the country&#8217;s treasury secretary said it expects the International Monetary Fund&#8217;s executive board to approve the first review of its $2.9 billion bailout by Dec. 6.



The local central bank is expected to hold interest rates steady on Friday, as per a poll.



China&#8217;s blue-chips index .CSI300 closed 1.0% down and the Hang Seng index .HSI ended flat, though Reuters reported that Chinese government advisers will recommend economic growth targets for 2024 ranging from 4.5% to 5.5% to an annual policymakers&#8217; meeting next month.



(Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh Kuber)

Stock market report. 3d illustration

Markets ease after rally; South African, Israeli assets in focus

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-820x547.jpg" alt="" class="wp-image-403458" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/copper-1711056_1920.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Pixabay</figcaption></figure>



Nov 21 (Reuters)&nbsp;&#8211;&nbsp;Copper prices hit their highest in two months on Tuesday due to supply concerns in Peru and Panama, while a weaker U.S. dollar also lent support.



Three-month copper on the London Metal Exchange (LME)&nbsp;CMCU3&nbsp;rose 0.3% to $8,456 per metric ton by 0744 GMT, after earlier reaching $8,464.50, the highest since Sept. 15.



The most-traded December copper contract on the Shanghai Futures Exchange (SHFE)&nbsp;SCFcv1&nbsp;closed up 0.6% at 68,280 yuan ($9,468.74) a ton. It hit 68,550 yuan earlier in the session, the highest since Sept. 21.



&#8220;Renewed copper mine supply concerns have supported this move,&#8221; ANZ analysts said in a note.



Workers at Las Bambas copper mine in Peru will kick off an &#8220;indefinite&#8221; strike from next week, and First Quantum Minerals FM.TO will carry out maintenance at its Cobre Panama mine from Nov. 23 due to coal supplies being blocked by protesters.



The dollar index&nbsp;.DXY&nbsp;hit its lowest since Sept. 1 on expectation that U.S. interest rates would fall next year, making greenback-priced metals cheaper to holders of other currencies.



&#8220;We have seen bigger upside moves across the base metals complex, supported by a weaker dollar. Overall, we are becoming slightly more bullish for metals in the coming weeks,&#8221; broker Sucden Financial said in a note.



LME aluminium&nbsp;CMAL3&nbsp;rose 0.4% to $2,253.50 a ton, nickel&nbsp;CMNI3&nbsp;edged down 0.5% at $16,875, zinc&nbsp;CMZN3&nbsp;dipped 0.2% to $2,558, lead&nbsp;CMPB3&nbsp;eased 0.1% to $2,273.50 and tin&nbsp;CMSN3&nbsp;lost 0.1% to $24,860.



SHFE aluminium&nbsp;SAFcv1&nbsp;eased 0.1% to 18,920 yuan a ton, zinc&nbsp;SZNcv1&nbsp;was down 0.8% at 21,210 yuan, while lead&nbsp;SPBcv1&nbsp;fell 1.6% to 16,830 yuan and tin&nbsp;SSNcv1&nbsp;shed 1.3% to 207,320 yuan.



Meanwhile, SHFE nickel hit a 14-month low of 132,370 yuan a ton. The contract is down 34% so far this year, the worst performer across all base metals on the SHFE due to oversupply concerns.



For the top stories in metals and other news, click&nbsp;TOP/MTL&nbsp;or&nbsp;MET/L



($1 = 7.2111 yuan)



(Reporting by Mai Nguyen in Hanoi; Editing by Subhranshu Sahu, Varun H K and Mrigank Dhaniwala)

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Copper hits 2-month high on supply concerns, soft dollar

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-820x547.jpg" alt="" class="wp-image-429134" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YSW2TYFMANPY5KAJ4TA277YGZA-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Ivory Coast President Alassane Ouattara is welcomed by German Chancellor Olaf Scholz before the &#8220;Compact with Africa&#8221; summit in Berlin, Germany, November 19, 2023. REUTERS/Fabrizio Bensch</figcaption></figure>



BERLIN, Nov 19 (Reuters) &#8211; Leaders from more than a dozen African countries will gather in Germany over the next two days for the G20 Compact with Africa conference, which aims to help bolster private investment in the world&#8217;s poorest, but fast-growing, continent.



Underscoring renewed interest in Africa, European Commission President Ursula von der Leyen, French President Emmanuel Macron and Dutch Prime Minister Mark Rutte will be among those attending the summit in Berlin, hosted by German Chancellor Olaf Scholz, according to German government officials.



Scholz, who has visited Africa several times since taking office in late 2021, will hold bilateral talks with several African countries on Sunday, before hosting a German-African investment summit at Berlin&#8217;s Marriott Hotel on Monday morning.



Europe and the United States are jostling with Russia and China for geopolitical influence, critical minerals and new economic opportunities in the world&#8217;s second most populous continent.



Those include Africa&#8217;s potential for renewable energy production, in particular green hydrogen, that could help its northern neighbor&#8217;s transition to a carbon neutral economy. The stability and prosperity of the continent is also seen as key to reducing illegal migration.



The Compact with Africa, which was created in 2017 under the German G20 presidency, aims to bring together reform-minded African countries, international organizations and bilateral partners to coordinate development agendas and discuss investment opportunities.



The event officially takes place on Monday afternoon in the German chancellery, preceded by a news conference with leaders of the African Union, which in September was made a permanent member of the group of the G20 group of the world&#8217;s most powerful countries.



&#8220;We will not make a common declaration, we do not want to force our African partners into a tight corset,&#8221; a German government official said on Friday. &#8220;Instead, we want concrete results.&#8221;



German government officials say Africa can play a key role in helping Germany better diversify its supply chains, secure skilled labour, reduce illegal migration and achieve its green transition.



African countries have long complained that while Europe talks about investment, China actually provides financing without any moral lecturing. Still, Chinese lending in Africa is in decline, while European interest is rising as it seeks to diversify supply chains.



German trade with Africa was 60 billion euros ($65.4 billion) last year, which is a fraction of its trade with Asia but up 21.7% on 2021.



Nearly two thirds of German companies want to expand their business in Africa, according to a study by KPMG and the German-African Business Association.



The member countries of the G20 Compact are Morocco, Tunisia, Egypt, Senegal, Guinea, Ivory Coast, Ghana, Togo, Benin, Burkina Faso, Rwanda, Democratic Republic of Congo and Ethiopia.



($1 = 0.9168 euros)



Reporting by Sarah Marsh and Andreas Rinke; Editing by Mike Harrison

‘Compact with Africa’ summit in Berlin

G20-led summit for Africa highlights renewed interest in fast-growing continent

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg" alt="" class="wp-image-424734" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/05/Investment-management.jpg 1200w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Stock</figcaption></figure>



Nov 17 (Reuters)&nbsp;&#8211;&nbsp;Emerging market shares fell from two-month highs on Friday, led by a slump in Chinese e-commerce giant Alibaba, while currencies were set for their best week in four months as weak U.S. economic data boosted rate cut bets.



Alibaba&#8217;s Hong Kong listed shares 9988.HK dropped 8%, after the company scrapped plans to spin off its cloud business, citing uncertainties created by U.S. export curbs on chips used in artificial intelligence applications.



Its U.S. shares&nbsp;BABA.N&nbsp;closed down 9% on Thursday.



Hong Kong&#8217;s main index&nbsp;.HSI&nbsp;dropped 2.1% in the sharpest single-day drop in a month, while MSCI&#8217;s index of emerging market stocks&nbsp;.MSCIEF&nbsp;slipped 0.6%.



The EM index, however, is set to end the week about 3% higher as risk sentiment improved this week thanks to cooling U.S. inflation data as well as figures that showed the U.S. labour market was weakening.



Investors are betting that the U.S. Federal Reserve could begin interest rate cuts as soon as the second quarter of next year and lower the main rate by almost 100 basis points through the year.



As the dollar headed for weekly losses, developing market currencies&nbsp;.MIEM00000CUS&nbsp;ticked up, set for the best week since July, up 1.1%.&nbsp;FRX/



Most analysts expect emerging market assets, especially currencies, to perform well next year.



&#8220;Compared with developed market assets, our targets suggest modest outperformance for emerging markets next year,&#8221; said strategist at Goldman Sachs, citing a more &#8220;benign&#8221; global and EM macro outlook – with steady growth, lower inflation and the potential for rate cuts.



South Africa&#8217;s rand&nbsp;ZAR=&nbsp;was flat on Friday ahead of S&amp;P Global Ratings&#8217; review of South Africa&#8217;s sovereign credit rating later in the day.&nbsp;.J



S&amp;P downgraded its outlook to stable from positive in March, citing infrastructure constraints and a severe power crisis, and made no changes to the country&#8217;s sovereign credit rating or outlook in May.



Taiwan&#8217;s currencyTWD= rose 0.3%, boosted by the prospects of an easing in cross-strait tensions, while China&#8217;s yuan CNY=CFXS was also set for its biggest weekly gain in two months.



The Polish zloty&nbsp;EURPLN=&nbsp;hovered near record highs, while Hungary&#8217;s forint&nbsp;EURHUF=&nbsp;dipped slightly for the week amid calls for rate cuts by economic development minister Marton Nagy.



In EM bonds, hard currency bonds have returned 1% this week and 3.2% this month, which is the bulk of the year&#8217;s 3.6% rise.



(Reporting by Susan Mathew in Bengaluru; Editing by Shinjini Ganguli)

Alibaba slide dents stocks; FX set for best week in four months

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



Nov 16 (Reuters)&nbsp;&#8211;&nbsp;Emerging markets&#8217; stocks slipped on Thursday dragged by heavyweight China shares on glum domestic economic data, while the Philippine peso was steady against the dollar, paring early losses after its central bank kept interest rates steady as expected.



MSCI&#8217;s index tracking emerging market equities&nbsp;.MSCIEF, slipped 0.1% by 0955 GMT. The index was set to snap three straight sessions of gains if losses hold.



China&#8217;s new home prices fell for the fourth straight month, suggesting a broader weakening in the sector that could drag on the country&#8217;s overall recovery.



The Shanghai Composite Index&nbsp;.SSEC&nbsp;dropped 0.7%, while blue-chip shares&nbsp;.CSI300&nbsp;fell nearly 1%. Hong Kong&#8217;s Hang Seng Index&nbsp;.HSI&nbsp;dropped 1.4%.



The yuan&nbsp;CNY=CFXS&nbsp;was flat and the latest home prices data dampened recovery sentiment in the world&#8217;s second-largest economy and comes a day after positive industrial output and retail sales for October.



On the geopolitical front, signs of improving relations emerged after U.S. President Joe Biden and Chinese leader Xi Jinping agreed on Wednesday to resume military-to-military communications and cooperate on anti-drug policies.



However, some investors were disappointed at the lack of any major breakthroughs in the talks.



Capping broader equity losses, Pakistan&#8217;s benchmark stock index .KSE jumped 1.3% after the International Monetary Fund (IMF) said it had reached a staff-level agreement with Pakistan on the first review of a $3 billion bailout, which will unlock $700 million in funding for the country.



India&#8217;s NSE Nifty 50 index&nbsp;.NSEI&nbsp;and the benchmark S&amp;P BSE Sensex&nbsp;.BSESN&nbsp;advanced 0.5% each, lifted by information technology stocks.&nbsp;.BO



The Philippine central bank kept its policy rate steady at 6.5% on Thursday, as expected, warning that its fight with inflation was not over and it could raise rates again.



The peso&nbsp;PHP=&nbsp;pared losses after the rate decision and was last seen steady against the dollar. The benchmark stock index&nbsp;.PSI&nbsp;rose 0.3%.



A basket of regional currencies&nbsp;.MIEM00000CUS&nbsp;inched up 0.1% led by gains in the South Korean won.



The won KRW=KFTC jumped 1.1% after authorities planned to loosen stock short-selling rules for retail investors, while tightening rules for institutional and foreign investors.



Having fallen earlier this week on cooling U.S. inflation, the dollar index =USD clawed back some gains on Thursday after a mixed set of U.S. economic data on Wednesday.



&#8220;We think investors are still under-pricing risks that Fed rates will pause for longer, which could weigh on EM asset performance during Q1, although easing longer-end rates and downwards pressure on the dollar could also marginally alleviate pressure on EM,&#8221; Tellimer Research said in a note.



The South African rand&nbsp;ZAR=&nbsp;weakened 0.2% against a steady dollar, while most&nbsp;central and eastern&nbsp;European currencies edged up against the euro.



On the data front, Israel&#8217;s preliminary third-quarter readings, Brazil&#8217;s September economic activity, Poland&#8217;s October core inflation and Colombia&#8217;s September trade balance are due later in the day.



(Reporting by Siddarth S in Bengaluru; editing by Eileen Soreng)

Stocks set to snap 3-day winning run on China’s property sector woes

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



Nov 15 (Reuters)&nbsp;&#8211;&nbsp;Emerging market assets jumped, hitting multi-month highs on Wednesday, as softer U.S. inflation data bolstered bets of an end to the Federal Reserve&#8217;s interest rate hikes, while positive Chinese economic data also boosted risk sentiment.



MSCI&#8217;s index tracking emerging market equities&nbsp;.MSCIEF&nbsp;jumped 2.3% by 0937 GMT, hitting its highest level in nearly two months.



A basket of regional currencies&nbsp;.MIEM00000CUS&nbsp;climbed 0.7%, marking the highest levels since August.



If gains hold, the broader equity index is set for its best day since June, while the FX index is on track for its best session since late March.



Data on Tuesday showed&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3ARR:220&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">U.S. consumer prices</a>(CPI) were unchanged in October and the annual rise in underlying inflation was the smallest in two years.



Cooling inflation will allow the Fed to hold off on further interest rate hikes and potentially start cutting rates by May, traders bet on Tuesday.



Investors will also monitor talks between U.S. President Joe Biden and Chinese President Xi Jinping and more U.S. economic data.



The dollar index&nbsp;=USD&nbsp;last stood at 104.260, after having slumped on Tuesday post the CPI data.



&#8220;While we agree with the peak Fed rate narrative, it is important to consider what we get from here,&#8221; Charu Chanana, market strategist at Saxo Markets said in a note.



&#8220;Growth data becomes extremely key from here and today’s (U.S.) retail sales print will be one to watch,&#8221; Chanana added.



China&#8217;s industrial output and retail sales growth beat expectations in October, but the underlying economic picture highlighted significant pockets of weakness.



Chinese shares&nbsp;.SSEC&nbsp;rose 0.6%, while blue-chips climbed&nbsp;.CSI300&nbsp;0.7%. Hong Kong shares jumped 3.9%, leading broader equity gains.



China&#8217;s central bank ramped up injections of liquidity but kept the interest rate unchanged when rolling over maturing medium-term policy loans on Wednesday, matching market expectations.



The yuan&nbsp;CNY=CFXS&nbsp;gained 0.1% against the dollar.



In Europe, Poland&#8217;s final October CPI on an annual basis came in at 6.60% compared to a previous estimate of 6.50% for the same period, data showed.



The Polish zloty&nbsp;EURPLN=&nbsp;rose 0.2% against the euro.



The South African rand&nbsp;ZAR=&nbsp;climbed 0.1% and the benchmark equity index&nbsp;.JTOPI&nbsp;jumped nearly 2% ahead of September retail sales data.



The Russian rouble&nbsp;RUBUTSTN=MCX&nbsp;on Wednesday soared to its highest levels since early July against the dollar, boosted by continued supply of foreign currency by exporters, high interest rates and relatively strong oil prices.&nbsp;RU/RUB



The rouble was last up 1.5%.



Kenya&#8217;s shilling KES= hovered around all-time lows against the greenback on Wednesday, hurt by higher demand for dollars from importers in various sectors, amid low hard currency inflows, traders said.



On the data front, October CPI for Israel and Nigeria and third-quarter GDP for Russia and Colombia are due later in the day.



(Reporting by Siddarth S in Bengaluru; Editing by Sharon Singleton)

World map with charts and graphs as symbols of global finance

EM assets hit multi-month highs on soft US CPI, positive China data

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="498" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-820x498.jpg" alt="" class="wp-image-429008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-820x498.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-300x182.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-768x467.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-1536x933.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/YQVSSNWW2NKNTIJQBBPJS62KNY-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: An employee works on the assembly line in a hangar of an aircraft manufacturer Aero Vodochody near the town of Odolena Voda, Czech Republic, July 11, 2017. Picture taken July 11, 2017. REUTERS/David W Cerny/File Photo</figcaption></figure>



PRAGUE/WARSAW, Nov 15 (Reuters)&nbsp;&#8211;&nbsp;Central European defence companies are negotiating new deals to sell more weapons, military equipment and related services in Africa as they seek to poach customers looking for alternatives to Russia, companies and government officials say.



Though now part of the Western NATO alliance, former Warsaw Pact members such as the Czech Republic, then part of Czechoslovakia, delivered a steady supply of weapons to African countries during the Communist era and so are well-placed to maintain or upgrade those systems.



&#8220;The best new markets are the African ones because they still use Soviet-era equipment but now want Western technology added to it,&#8221; Jiri Hynek, president and director of industry trade group the Defence and Security Industry Association of the Czech Republic, told Reuters.



&#8220;We call it the westernization of Soviet products.&#8221;



Take Czech aircraft maker Aero Vodochody. The company is in talks to sell its L-39NG training and light attack aircraft to new buyers as well as provide upgrades for older versions, its executive vice president of sales Filip Kulstrunk told Reuters.



&#8220;We see increasing interest from new potential customers, who are looking to abandon Russian or Chinese equipment and wish to westernize their armed forces,&#8221; he said, declining to give details on which countries it was talking to.



The Czech Republic in 2022 exported ammunition, guns, aircraft and other military supplies valued at around 32 million euros to 10 sub-Saharan African countries, many which rely on Soviet-era weapons manufactured with different standards and calibres than those used in the West. This was up from just under 2 million euros in 2011.



<h2 class="wp-block-heading" id="h-ukraine-diversion">UKRAINE DIVERSION</h2>



Reuters spoke to around a half dozen Czech and Polish defence companies and government officials who described renewed efforts to carve out a bigger share of the African arms market as the Ukraine conflict diverts Russia&#8217;s attention.



While the companies declined for the most part to outline specifics or countries they were targeting for competitive reasons, deals being discussed included for guns, ammunition and other military equipment and services, they said.



Privately-held defence and civil manufacturing company Czechoslovak Group &#8211; the biggest Czech defence company &#8211; said its ability to maintain and modernize armoured vehicles using Soviet-era standards has helped it win business in Africa.



&#8220;CSG has exceptional capability to maintain and modernise military land systems of Eastern origin so that African customers needn&#8217;t depend on Russian suppliers,&#8221; spokesman Andrej Cirtek told Reuters. &#8220;We have already used this in a number of business cases in Africa.&#8221;



According to the Stockholm International Peace Research Institute, Russia overtook China as the leading arms seller in sub-Saharan Africa with a market share rising to 26% over the past five years from 2018 to 2022.



While it has not yet fully processed data on all recent exports to Africa since the start of the Ukraine war, Pieter Wezeman, a senior researcher in the organisation&#8217;s arms transfers programme, told Reuters that reliability concerns could spur some nations to look beyond Russia.



&#8220;Czech industry has the kind of expertise on former Soviet weapons which can be useful when selling equipment, components or servicing of weapons used by African countries,&#8221; he said.



Sebastian Chwalek, chief executive of Poland&#8217;s state-owned PGZ – which controls dozens of companies making weapons, ammunition, armoured transporters, unmanned air systems and other equipment – told Reuters the company has stepped up talks over the last 12 months to tap African markets.



Polish military technology company WB Group &#8211; whose products include unmanned drones and missile systems &#8211; has also seen an uptick in interest from potential African customers on its home turf over the past year.



&#8220;We attended a recent trade exposition. &#8230;in Poland where our stand was visited by numerous delegations from African countries that appeared here for the first time,&#8221; WB Group spokesman Remigiusz Wilk said.



&#8220;It is always beneficial for any other supplier if someone who previously existed on a given market disappears from it, or is less represented.&#8221;



<h2 class="wp-block-heading" id="h-trade-mission">TRADE MISSION</h2>



Underlining the push into Africa, a Czech trade mission visited Ethiopia, Kenya, Ghana and the Ivory Coast earlier this month. A key aim, said Prime Minister Petr Fiala, was boosting opportunities for the defence industry.



Czech national security advisor Tomas Pojar, who took part in the trade mission, said defence deals under discussion as a result of the trip were worth billions of crowns and included talks with Ethiopia about modernizing its aircraft and upgrading Soviet technology.



&#8220;Our focus is to re-open and strengthen relationships with our traditional partners in Africa by committing ourselves to what they want and need the most,&#8221; he told Reuters.



Tomas Kopecny, a Czech government envoy and former deputy minister of defence charged with leading business missions to Africa, added that inviting African leaders to visit Prague represented another way to stir up new defence deals.



This included the Czech-speaking president of Mozambique, whose visit in August marked the first of a sub-Saharan African leader to Prague for more than two decades, he added.



&#8220;One part of these activities also includes defence industry cooperation, since it has been an integral part of what we have engaged in together in the past,&#8221; Kopecny said.



As a nation of 10.5 million, the Czech Republic has long punched above its weight when coming to arms production and has been a leading supplier of ammunition, military equipment and other weapons to Ukraine since Russia&#8217;s 2022 invasion.



The effort to supply Ukraine has pushed Czech companies to boost production and expand supply lines, something Czech-based independent defence analyst Lukas Visingr said has burnished the region&#8217;s reputation.



&#8220;The Czech arms industry is stepping up its efforts towards certain African countries still using Soviet-style equipment but who start to see Russia as a problematic supplier,&#8221; Visingr said.



(Reporting by Michael Kahn and Anna Koper, Editing by Alex Richardson)

FILE PHOTO: An employee works on the assembly line in a hangar of an aircraft manufacturer Aero Vodochody near the town of Odolena Voda

Central Europe’s defence companies spy African opportunity

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-400697" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1076949610-612x612-1-300x200.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Double exposure of coin stack with city background and world map, financial graph, world map and global network business concept idea, element by NASA.</figcaption></figure>



Nov 14 (Reuters) &#8211; Most emerging markets stocks inched up while currencies were subdued on Tuesday ahead of key U.S. inflation data that could offer more clues on the Federal Reserve&#8217;s interest rate outlook.



MSCI&#8217;s index tracking emerging markets equities edged 0.2% higher, while a basket of regional currencies was muted at 0921 GMT.



&#8220;Emerging markets are trading mixed ahead of the US data &#8230; suggesting caution.&#8221; said Shaun Murison, senior market analyst at IG markets.



Financial markets will be closely watching the world&#8217;s largest economy&#8217;s October inflation data, due later in the day, with economists expecting a headline increase of 3.3%, easing from 3.7% in September.



The data comes after Fed officials including Chair Jerome Powell last week said they were still not sure that interest rates are high enough to tame inflation.



Heavyweight Chinese shares rose 0.3% ahead of key domestic economic data this week, while investors will keenly monitor talks between U.S. President Joe Biden and Chinese President Xi Jinping.



&#8220;In person talks between the leaders of the two largest economies in the world are seen as a positive at face value,&#8221; said Murison, while adding trade tensions were likely to remain.



China&#8217;s central bank is widely expected to boost its liquidity injections but keep the interest rate unchanged when it rolls over maturing medium-term policy loans on Wednesday, a Reuters survey showed.



Reuters on Tuesday reported China had ordered local governments to halt public-private partnership projects identified as &#8220;problematic&#8221; as it tries to curb municipal debt risks.



Across Central and Eastern Europe, Hungary&#8217;s economy increased by 0.9% on a quarterly basis in the third quarter as it returned to growth after tipping into recession last year, data showed, while activity in Poland, Romania and Slovakia also expanded in the period.



Against the euro, the Hungarian forint was subdued, the Romanian leu slipped 0.1%, while the Polish zloty rose 0.2%.



The South African rand strengthened 0.1% against the dollar after data showed the domestic unemployment rate fell to 31.9% in the third quarter from 32.6% in the second quarter.



The Russian rouble firmed to a 3-1/2 month high against the dollar in early trade, buoyed by exporters&#8217; foreign currency sales, high interest rates and recovering oil prices.



The rouble was last up 0.6%.



(Reporting by Siddarth S in Bengaluru Editing by Mark Potter)

istockphoto-1076949610-612×612-1

Stocks inch up, FX muted on investor caution ahead of US CPI

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107229932-1682347932426-gettyimages-1401566574-_02a9324-820x462.jpeg" alt="" class="wp-image-428969" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107229932-1682347932426-gettyimages-1401566574-_02a9324-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107229932-1682347932426-gettyimages-1401566574-_02a9324-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107229932-1682347932426-gettyimages-1401566574-_02a9324-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107229932-1682347932426-gettyimages-1401566574-_02a9324-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/107229932-1682347932426-gettyimages-1401566574-_02a9324.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">New York city skyline Alexander Spatari | Moment | Getty Images</figcaption></figure>



Goldman Sachs predicts the global economy will top expectations in 2024, driven by strong income growth and confidence that the worst of rate hikes is already over.



The investment bank forecasts the world economy to expand 2.6% next year on an annual average basis, above the 2.1% consensus forecast of economists polled by Bloomberg. The U.S. is expected to outpace other developed markets again with estimated growth of 2.1%, Goldman said.



Goldman also believes that the bulk of the drag from monetary and fiscal tightening policies is over.



To curtail rising inflation, the U.S. Federal Reserve started its aggressive rate hike campaign in March 2022 as inflation climbed to its highest levels in 40 years. Last Thursday, Fed Chair Jerome Powell said he is “not confident” the Fed has done enough to tackle inflation, and suggested that more rate hikes may be necessary.



Goldman said policymakers in developed markets are unlikely to cut interest rates before the second half of 2024 unless economic growth comes in weaker than estimated.



The bank noted inflation has also continued to cool across G10 and emerging market economies, and is expected to ease further.



“Our economists forecast this year’s decline in inflation to continue in 2024: sequential core inflation is predicted to fall from 3% now to an average 2-2.5% range across the G10 (excluding Japan),” the report stated.



<h2 class="wp-block-heading" id="h-global-factory-activity"><a></a>Global factory activity</h2>



The investment bank also expects global factory activity to recover from a recent slump as headwinds are set to dissipate this year. Goldman noted global manufacturing activity has been weighed down by a weaker-than-expected rebound in Chinese manufacturing and the European energy crisis, as well as an inventory cycle that had to correct for overbuilding last year.



Global production has been in a slump for most of the year. S&amp;P Global’s gauge of worldwide manufacturing activity came in at 49.1 in September. A reading below 50 indicates a contraction in activity. Additionally, China’s Caixin/S&amp;P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July.



Manufacturing activity should recover somewhat in 2024 from a subdued 2023 pace, Goldman economists led by chief economist Jan Hatzius said, especially as “spending patterns normalize, gas-intensive European production&nbsp;finds a trough, and inventories-to-GDP ratios stabilize.”



<h2 class="wp-block-heading"><a></a>Big economies to avoid recession</h2>



Rising real income also contributed to Goldman’s positive growth outlook.



“Our economists have a positive outlook for real disposable income growth at a time of much lower headline inflation and still-strong labor markets,” Goldman wrote in a release based on the report. While they hold the view that U.S. real income growth is set to slow from its strong 2023 pace of 4%, it is still purported to support consumption and GDP growth of at least 2%.



“We continue to see only limited recession risk and reaffirm our 15% U.S. recession probability,” Hatzius continued in the outlook report, owed in part to the real disposable income growth.



In September, the bank had cut their forecast for a U.S. recession from 20% to 15% on the basis of cooling inflation and a resilient labor market.



While rate hikes and fiscal policy will still continue to weigh on the growth across G10 economies, Hatzius is confident that the worst of that “drag” is already over.



“Both the Euro area and the UK are expected to have a meaningful acceleration in real income growth — to around 2% by end-2024 — as the gas shock following Russia’s invasion of Ukraine fades,” the economists also noted.

107229932-1682347932426-gettyimages-1401566574-_02a9324

World economy to perform better than expected in 2024, says Goldman Sachs

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg" alt="" class="wp-image-404443" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/Stock-value-rising-and-falling.jpg 1254w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering</figcaption></figure>



Nov 13 (Reuters)&nbsp;&#8211;&nbsp;Most emerging markets stocks edged up on Monday ahead of a keenly anticipated consumer price index reading out of the U.S., while Sri Lanka&#8217;s stocks and rupee were steady after the government laid out its budget for 2024.



MSCI&#8217;s gauge for emerging markets equities&nbsp;.MSCIEF&nbsp;rose 0.5%, snapping a four day losing streak underpinned by a 2.3% gain in Hong Kong&#8217;s tech sector&nbsp;.HSTECH.



A basket of currencies&nbsp;.MIEM00000CUS&nbsp;was muted against the dollar by 0912 GMT.



MSCI&#8217;s indices for EM equities and currencies ended the previous week in the red following hawkish remarks by U.S. Federal Reserve chair Jerome Powell.



Investors now await the October U.S. consumer prices report and retail sales data due on Tuesday that could determine the outlook for U.S. monetary policy.



Meanwhile, Sri Lanka&#8217;s rupee LKR= strengthened 0.2% and the local CSE index .CSE inched up 0.1% after the local government set a budget deficit target of 2.85 trillion rupees in 2024, amounting to 9.1% of GDP, which is higher than the current year.



The South Asian economy is showing signs of recovery helped by a $2.9 billion bailout from the International Monetary Fund.



&#8220;Higher taxes and planned sales of government stakes in state banks are small steps towards fixing Sri Lanka&#8217;s fiscal and debt position,&#8221; Hasnain Malik, head of equity research at Tellimer said.



&#8220;But they lay Wikremasinghe open to a populist challenge in the 2024 election and do not address the much needed reform of state owned enterprises.&#8221;



India&#8217;s BSE Sensex index&nbsp;.BSESN&nbsp;shed 0.4% ahead of domestic October retail inflation data due after local market hours.



Economists expect the pace of consumer price inflation to likely ease further to a four-month low of 4.80%, closer to the Reserve Bank of India&#8217;s medium-term target.



Elsewhere, the Hong Kong&#8217;s property index .HSMPI was flat, pressured by a 1.9% drop in China&#8217;s Country Garden Services Holding 6098.HK after ratings agency Fitch said it plans to withdraw all the ratings on the sister firm of Country Garden Holdings 2007.HK on or about Dec. 12 for commercial reasons.



In eastern and central Europe Romania&#8217;s leu EURRON= was flat after data showed consumer price inflation was below expectations at 8.07% on an annual basis in October.



Among other currencies, Israel&#8217;s shekel&nbsp;ILS=&nbsp;weakened 0.1% and was last at 3.8 to the dollar even as its conflict with Hamas raged on.



Elsewhere, Kenya&#8217;s finance ministry said it has appointed Citi C.N and Standard Bank SBKJ.J as joint lead managers to assess the potential of borrowing in dollars in international markets.



(Reporting by Johann M Cherian in Bengaluru; editing by David Evans)

Macro view of a screen of trading terminal with abstract financial graph and digits. Trading and forex concept. 3D Rendering

Stocks edge up ahead of US CPI; Sri Lankan stocks steady after budget

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



Nov 10 (Reuters)&nbsp;&#8211;&nbsp;Emerging markets stocks and currencies fell on Friday, mirroring global sentiment after the U.S. central bank chief&#8217;s hawkish comments fuelled fears of further rate hikes and a weak auction of 30-year Treasury bonds dampened risk appetite.



The MSCI index tracking emerging markets equities&nbsp;.MSCIEF&nbsp;fell nearly 1% by 1004 GMT, while a basket of regional currencies&nbsp;.MIEM00000CUS&nbsp;weakened 0.3% against a steady dollar.



Both equities and FX were on track for weekly losses, after a bright start to the opening week of November.



Wall-Street stocks ended lower on Thursday and global equities followed suit on Friday.&nbsp;MKTS/GLOB



The dollar&nbsp;=USD&nbsp;and the yields on benchmark U.S. 10-year Treasury bonds&nbsp;US10YT=RR&nbsp;spiked on Thursday after a weaker-than-expected 30-year bond auction and hawkish remarks from the Fed.



Fed officials&nbsp;including Powell said on Thursday they are still not sure interest rates are high enough to finish the battle with inflation.



&#8220;Powell’s remarks probably represent the culmination of a pushback against the recent dovish repricing,&#8221; Francesco Pesole, FX strategist at ING said in a note.



&#8220;The hawkish rhetoric pushed by Powell suggests that the Fed still prefers higher Treasury yields doing the tightening rather than hiking again, and that is exactly what markets are interpreting.&#8221;



Most emerging market stocks and currencies in Asia were in the red.



Heavyweight China&#8217;s shares&nbsp;.SSEC&nbsp;fell 0.5%, while its blue-chip index&nbsp;.CSI300&nbsp;dropped 0.7%. The yuan&nbsp;CNY=CFXS&nbsp;slipped 0.1%



Hong Kong stocks&nbsp;.HSI&nbsp;fell 1.8%, leading equity declines.



In Central and Eastern Europe,&nbsp;Hungary&#8217;s&nbsp;headline inflation slowed to an annual 9.9% in October, entering single-digit territory for the first time since April 2022 and below analyst forecasts for a 10.4% increase.



Hungary&#8217;s benchmark stock index&nbsp;.BUX&nbsp;gained 0.7%, while the forint&nbsp;EURHUF=&nbsp;jumped to its highest levels since late July and was last seen at 0.8% higher against the euro.



Czech&nbsp;headline inflation accelerated to 8.5% year-on-year in October, above a Reuters poll forecast of 8.4%. PX Prague SE index&nbsp;.PX&nbsp;declined 0.2% and the crown&nbsp;EURCZK=&nbsp;gained 0.3%.



A slew of data is due later in the day, with October inflation data coming in from both Brazil and Russia, while industrial output for September will be released by India and Mexico.



Turkish President&nbsp;Tayyip Erdogan criticised the Constitutional Court for &#8220;many mistakes&#8221; and urged his ruling AK Party colleagues to support an unprecedented challenge to the court by an appeals court, stoking a potential legal crisis.



Overnight in Latin America,&nbsp;Banxico&nbsp;kept its benchmark interest rate unchanged as expected at 11.25%.



(Reporting by Siddarth S in Bengaluru)

EM assets set for weekly declines after Powell’s hawkish remarks

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="562" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/T2LOGOQBKFIEPEGTHBNPHB6NEU-820x562.jpg" alt="" class="wp-image-428891" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/T2LOGOQBKFIEPEGTHBNPHB6NEU-820x562.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/T2LOGOQBKFIEPEGTHBNPHB6NEU-300x206.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/T2LOGOQBKFIEPEGTHBNPHB6NEU-131x90.jpg 131w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/T2LOGOQBKFIEPEGTHBNPHB6NEU-768x526.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/T2LOGOQBKFIEPEGTHBNPHB6NEU-1536x1053.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/T2LOGOQBKFIEPEGTHBNPHB6NEU-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: U.S. Deputy Treasury Secretary Wally Adeyemo speaks at the Royal United Services Institute in London, Britain, October 27, 2023. REUTERS/Hannah McKay/File Photo</figcaption></figure>



NEW YORK, Nov 9 (Reuters)&nbsp;&#8211;&nbsp;U.S. Deputy Treasury Secretary Wally Adeyemo on Thursday said he hoped Congress would extend a trade program that grants exports from qualifying African countries duty-free access to the U.S. market, hailing the strategic opportunities in the region.



Adeyemo told the Reuters NEXT conference that the two-decade-old African Growth and Opportunity Act (AGOA), which is due to expire in 2025, had played an important in Africa and should be extended.



&#8220;My hope is that Congress will act to make sure that we continue to have tools that allow us to deepen our trade with Africa,&#8221; he said.



&#8220;It matters to us. We need to seize the huge opportunity that it is for us to engage with Africa, a continent with a burgeoning young population that is central to many of our economic, but national security interests as well.&#8221;



Adeyemo did not comment specifically on legislation proposed by Democratic Senator Chris Coons that would extend the program for 16 years to 2041.



African countries are pressing for at least a 10-year renewal of the pact ahead of the 2024 U.S. election. President Joe Biden&#8217;s administration is also seeking the program&#8217;s reauthorization but has called for certain reforms.



More than $10 billion worth of African exports entered the United States duty-free under the program in 2022. The pact has bipartisan support in Washington, but there are divisions on how to update it.



Adeyemo, who was born in Nigeria and grew up in California, said he met with U.S. companies that have investments or operations in Nigeria during a visit there in September, and they were pressing for reforms before amping up their stakes.



&#8220;They want to do more business in Nigeria but in order to do so, Nigeria has to make the type of economic reforms that make it easier for foreign direct investment to come in and for money to get out,&#8221; said Adeyemo, the highest-ranking member of the African diaspora in the Biden administration.



His visit to Africa followed those of other top officials, including Treasury Secretary Janet Yellen and Vice President Kamala Harris.



He said Nigeria&#8217;s population was slated to grow from 200 million today to 450 million by 2050, creating both challenges and opportunities, and U.S. firms could contribute to that.



(Reporting by Andrea Shalal; Editing by Michael Perry)

FILE PHOTO: U.S. Deputy Treasury Secretary Wally Adeyemo speaks at the Royal United Services Institute in London

US Treasury’s Adeyemo hopes Congress will extend US-Africa program

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg" alt="" class="wp-image-427563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



FRANKFURT, Nov 8 (Reuters)&nbsp;&#8211;&nbsp;Rapid wage growth in the euro zone could keep inflation elevated longer and the European Central Bank should hold interest rates at or near record highs through next year to extinguish price pressures, the International Monetary Fund said on Wednesday.



The ECB broke a streak of ten straight rate hikes last month, fuelling market expectations that its next move will be a cut, possibly as soon as April, with a total of 90 basis points of reductions priced in by the close of next year.



Pushing back on early rate cut bets, Alfred Kammer, the head of the IMF&#8217;s European Department, argued that the ECB&#8217;s deposit rate should stay close to its record high 4% level through all of next year.



&#8220;Monetary policy is appropriately tight and needs to remain so in 2024,&#8221; Kammer told a news conference. &#8220;For all intents and purposes, (the deposit rate) should be held at that level or close to that level throughout 2024.&#8221;



Kammer warned the ECB against cutting rates too soon because that would require even more costly policy tightening later on.



&#8220;It is less costly to be too tight rather than to be too loose,&#8221; Kammer said. &#8220;What we also want to avoid is premature celebrations.&#8221;



Inflation soared to over 10% a year ago but has been on a steady downward path since, even if the &#8220;last mile&#8221; of disinflation is seen the toughest and could still take two years to get from around 3% to 2%.



While the IMF sees price growth back at target in 2025, an exceptionally tight labour market could push this date back to 2026, it warned.



Unemployment is already at a record low and whatever slack is left in the labour market could be less than now calculated, pushing up wage inflation, which would then impact consumer prices.



Real wages also have some way to go catch up with inflation and this could also keep up the price pressure, the IMF said.



&#8220;Risks remain skewed toward more persistent inflation,&#8221; the IMF said in a report. &#8220;Under adverse assumptions, this could delay reaching inflation targets to 2026.&#8221;



Kammer added that the conflict in Gaza had pushed up global energy costs, which creates further upside risk for prices.



However, overall economic growth in the current quarter is somewhat weaker than projected, which could limit price pressures.



Still, growth is broadly in line with expectations and a &#8220;soft landing&#8221; is still the IMF&#8217;s main scenario rather than a deeper recession, Kammer added.



(Reporting by Balazs Koranyi; Editing by Mark Potter)

FILE PHOTO: The IMF logo is seen outside the headquarters building in Washington

ECB must keep rates at or near 4% through 2024 to get inflation down -IMF

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="350" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg" alt="" class="wp-image-400879" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1040865674-612x612-1-300x172.jpg 300w" sizes="(max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">Stock market report. 3d illustration</figcaption></figure>



Nov 8 (Reuters)&nbsp;&#8211;&nbsp;Emerging markets stocks and currencies extended declines on Wednesday on fresh fears of further interest rate hikes in the U.S. following a hawkish tone from Fed policymakers, while investors awaited monetary policy decisions of Poland and Romania.



The MSCI index tracking emerging markets equities&nbsp;.MSCIEF&nbsp;fell 0.3% by 0944 GMT.



Fresh from last week&#8217;s decision to hold the policy rate steady, Fed policymakers are weighing strong economic data and the impact of higher long-term bond yields as they consider whether they will need to hike rates further to bring down inflation.



Investors will&nbsp;keenly watch&nbsp;Fed Chair Jerome Powell&#8217;s speech, due later in the day, for cues on the interest rate path.



The dollar index&nbsp;=USD&nbsp;gained 0.3% having fallen last week.



&#8220;The dollar rebound has started to gain some momentum. What has likely offered a hand to the greenback was the generally hawkish comments by Fed members,&#8221; Francesco Pesole, FX Strategist at ING said in a note.



Emerging markets currencies&nbsp;.MIEM00000CUS&nbsp;slipped 0.1% against a firm dollar as the South African rand&nbsp;ZAR=&nbsp;declined 0.7% ahead of Powell&#8217;s speech.



The won KRW=KFTC also fell 0.7%, after gaining earlier in the session, as South Korean authorities announced plans to open the local currency market to global traders and extend trading hours.



Emerging market assets had a bright start to November following the Fed decision as markets bet that U.S. interest rates had peaked, but fresh rate hike fears have worsened risk appetite.



The spotlight will be on Central and Eastern Europe, with crucial interest rate decisions due later in the day from the central banks of Poland and Romania.



The National Bank of Poland is widely expected to cut its main interest rate by 25 basis points to 5.50%, while the Romanian central bank is seen keeping interest rates steady at 7.00%, according to a Reuters poll.



Central Europe&#8217;s currencies face depreciation pressures over the next year amid interest rate cuts and dwindling carry appeal, a Reuters poll showed.



Against the euro, the zloty&nbsp;EURPLN=&nbsp;was flat, while the leu&nbsp;EURRON=&nbsp;edged down 0.1%



Broader equities was further hurt with South Korean shares&nbsp;.KS11&nbsp;falling nearly 1%, extending declines from the previous session.



China&#8217;s blue-chip stocks&nbsp;.CSI300&nbsp;dipped 0.2%, while Hong Kong shares&nbsp;.HSI&nbsp;dropped 0.6%.



Chinese authorities have asked Ping An Insurance Group 2318.HK to take a controlling stake in embattled Country Garden 2007.HK, the nation&#8217;s biggest private property developer, Reuters reported on Wednesday.



Shares of Ping An sank 5.4%, while Country Garden jumped 12.2%.



On the data front, Hungary&#8217;s calendar-adjusted retail sales HURETY=ECI fell by an annual 7.3% in September following an 7.1% drop in August.



The Czech unemployment rate eased to 3.5% of the workforce in October, below a Reuters poll forecast for it to stagnate at 3.6%.



(Reporting by Siddarth S in Bengaluru; Editing by Toby Chopra)

Stocks, FX extend declines on rate hike jitters; Poland, Romania rate decisions due

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg" alt="" class="wp-image-427563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/IMF-World-Bank-to-proceed-with-annual-meetings-in-Morocco-in-October-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



BUDAPEST, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;Big hikes in the minimum wage planned in central Europe for next year raise the risk of more persistent inflation or job losses amid relatively weak productivity growth across the region, the International Monetary Fund (IMF) has warned.



With inflation easing from double-digit levels, the region&#8217;s economies are at a turning point as ebbing price growth nudges real wages back into positive territory, which governments hope will aid consumption and a broader economic recovery next year.



However, that expected boon to the region&#8217;s economies, which have slowed sharply or even contracted due to high inflation, could also pose risks if companies push rising wage costs on to customers with further price hikes.



The Polish minimum wage, already the region&#8217;s highest based on Eurostat data, is set to rise by some 20% next year. Romania&#8217;s government hiked the minimum wage by 10% from October, while Hungary has signalled a possible 10% to 15% increase.



The Czech government has been considering a 9% to 12% raise, which would also surpass the expected pace of inflation next year after a long period falling real wages which has crippled demand and sent the economy into a sustained downturn this year.



Some central banks in the region have responded to weaker price growth by lowering interest rates, led by Poland and Hungary which are still expected to run inflation rates well above their policy targets next year.



While minimum wages since 2019 have largely risen in line with inflation, caution is needed going forward, Geoff Gottlieb, the IMF&#8217;s Senior Regional Representative for Central, Eastern and South-Eastern Europe told Reuters.



&#8220;In some countries in the CEE region, large additional increases in the minimum wage are planned for 2024,&#8221; he said.



&#8220;It is possible that firms will absorb this via lower profits but there is also a risk that these increases will result in more persistent inflation or lower employment, especially given relatively weak productivity growth in the region.&#8221;



The latest data from the Organisation for Economic Co-operation and Development (OECD) showed labour productivity in central Europe&#8217;s main economies lagging the OECD average, with Poland faring best and Romania the worst.



For the right balance, Gottlieb said fiscal policy and other forms of social protection, rather than the minimum wage alone, should be the main tools to support lower-income workers.



He also said overall nominal wage growth in central Europe, which runs some of the European Union&#8217;s tightest labour markets, remained &#8220;very strong&#8221; and had to slow further for inflation to return to central bank targets.



&#8220;This requires that aggregate demand evolves in a way that makes firms less likely to pass on price increases. For this reason it is important that macroeconomic policies do not loosen prematurely or too quickly,&#8221; he said.



The National Bank of Poland, which slashed interest rates by a combined 100 basis points over the past two months ahead of an October 15 parliamentary election, is expected to cut borrowing costs by another 25 bps to 5.5% on Wednesday.



Hungary&#8217;s central bank lowered its base rate by a larger-than-expected 75 bps last month, extending an easing campaign launched in May that has seen rates fall by a combined 575 bps to 12.25% &#8212; still the EU&#8217;s highest benchmark.



In contrast, the Czech National Bank left its key rate steady at 7% last week, defying some market bets on a cut, citing wage-related risks to inflation and calling for restraint in wage deals.



Romania&#8217;s central bank, which is also likely to keep rates unchanged at 7% on Wednesday, has also warned that double-digit wage dynamics were &#8220;particularly high and worrisome&#8221; for inflation.



(Additional reporting by Jan Lopatka in Prague; Editing by Christina Fincher)

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